All good things must come to an end, and this is the last in our series of 5 articles on Floor Traders and what they have to teach us about emini day trading, buying stocks or Forex and trading in general.
The original reason for creating this series was that I received a lot of emails from readers asking me to teach more about how the floor traders are screwing them over, and how they could ever compete with that elite group.
My hope is that while I personally hold pit traders in high esteem (it’s a tough job as I think you can see now), they are not necessarily smarter or better than you, and many of the advantages they used to enjoy are fading away … like the pits themselves.
So respect them, but don’t be intimidated by them … and certainly don’t blame your lack of trading success on them.
Rather than posting another video, I’m going to use this final post in the series to refer you back to a blog article I made back on April 15 of 2007 about my first visit to the CME (Chicago Mercantile Exchange).
I received a lot of great feedback on that post and it’s still one of my old articles that remains firmly in my memory even 2 years later.
The title of this post was simply “ME” and you can read it here:
https://www.topdogtrading.com/?p=18
… and if you are disappointed I didn’t post a video this time, here’s a video of actor Robert Downey Jr. visiting the floor of the NYMEX. At the end of the visit he gives his candid impressions of the experience. I’m just putting a link here rather than embedding the video because (be warned) there is some very, VERY colorful language!
If interested, you can check it out the video here:
http://www.youtube.com/watch?v=Dtc58sTsTpE
Please leave your comments below.
Playing the blame game in trading is a waste of time, especially blaming the floor traders or even yourself. There are numerous ways to make money trading and the great thing is that the game is wide open nowdays. Wishing all great trades and peace of mind. Thanks for the insights Barry, always look forward to your posts.
Can’t find link to video 5 on your bsite. It’s buried somewhere?
Hi Richard,
Nope, it’s right there at the very end of the article, but here it is for easy access:
http://www.youtube.com/watch?v=Dtc58sTsTpE
I was watching the Ultimate Fighter TV show a few weeks back and the coach was yelling at the players for not working hard enough. It reminded me so much of trading. Either you are prepared to step into the ring and have the skill and confidence to take the other person’s money or you’re gonna get pummeled by the person who is.
Thanks Barry.
Simplicity rules
Agree with Baz, great share here Barry
Thanks for the informative post and thanks for adding our comment to the blog.
Forex trading is just like any other fnaaicinl investment tool. Takes money and some smarts and patience. Although their are a lot of perks with forex trading such as 24 hour trading, largest liquid market, and very high volatility, one should still educate themselves as you would on any type of investment. Unless you just do not care about your money.First I would recommend learning up on some technical analysis. Just search that phrase with forex in front and you will find millions of resources. Then educate yourself up on fundamental influence on the currencies. Everyone finds there own knack at trading the forex market so don’t blindly fall into a so called forex guru’s marketing trap.